Cohu Reports Second Quarter 2014 Operating Results

Cohu, Inc. (NASDAQ:COHU) today reported fiscal 2014 second quarter net
sales of $77.9 million and GAAP income of $0.9 million or $0.04 per
share. Net sales for the first six months of 2014 were $142.7 million
and GAAP loss was $2.4 million or $0.10 per share. (1)

The Company also reported non-GAAP results, with second quarter 2014
income of $4.9 million or $0.19 per share and income of $5.4 million or
$0.21 per share for the first six months of 2014. (1)

GAAP Results (1)

(in millions, except per share amounts)

Q2 FY 2014

Q1 FY 2014

Q2 FY 2013

6 Months 2014

6 Months 2013

Net sales

$

77.9

$

64.9

$

62.2

$

142.7

$

114.5

Income (loss)

$

0.9

$

(3.4

)

$

(4.3

)

$

(2.4

)

$

(16.6

)

Income (loss) per share

$

0.04

$

(0.13

)

$

(0.17

)

$

(0.10

)

$

(0.67

)

Non-GAAP Results (1)

(in millions, except per share amounts)

Q2 FY 2014

Q1 FY 2014

Q2 FY 2013

6 Months 2014

6 Months 2013

Income (loss)

$

4.9

$

0.5

$

(1.6

)

$

5.4

$

(9.8

)

Income (loss) per share

$

0.19

$

0.02

$

(0.06

)

$

0.21

$

(0.40

)

(1) On June 6, 2014 the Company announced the
completion of the sale of substantially all the assets of its
video camera segment, Cohu Electronics and, as a result, the
operating results of Cohu Electronics have been presented as
discontinued operations and all prior period amounts have been
reclassified accordingly. All amounts presented are from
continuing operations.

Orders were $98.5 million for the second quarter of 2014 and
$77.4 million for the first quarter of 2014. Orders for semiconductor
equipment were $95.4 million in the second quarter of 2014 compared to
$74.3 million in the first quarter of 2014. Total consolidated backlog
was $118.7 million at June 28, 2014 compared to $98.1 million at March
29, 2014. Cohu expects third quarter 2014 sales of $84 million to
$91 million.

James A. Donahue, Chairman, President and Chief Executive Officer
stated, “Sales were at the top end of our guidance with orders and
backlog establishing new records for Cohu. Financial results reflect
continued progress in achieving our new operating model as well as the
benefits of higher volume.”

Donahue concluded, “Demand was strong across market segments for our
broad product line of IC test handlers and inspection equipment and
third quarter orders are off to a strong start. The transition of our
volume pick and place handler manufacturing to our Malaysia factory is
proceeding as planned and scheduled to be completed by the end of this
year.”

Cohu's Board of Directors approved a quarterly cash dividend of $0.06
per share payable on October 24, 2014 to shareholders of record on
August 29, 2014. Cohu has paid consecutive quarterly cash dividends
since 1977.

Use of Non-GAAP Financial Information:

Included within this press release are non-GAAP financial measures that
supplement the Company's Condensed Consolidated Statements of Operations
prepared under generally accepted accounting principles (GAAP). These
non-GAAP financial measures adjust the Company's actual results prepared
under GAAP to exclude charges and the related income tax effect for
share-based compensation, the amortization of acquired intangible
assets, manufacturing transition costs, employee severance costs, other
acquisition costs and the purchase accounting inventory step-up included
in cost of goods sold. Reconciliations of GAAP to non-GAAP amounts for
the periods presented herein are provided in schedules accompanying this
release and should be considered together with the Condensed
Consolidated Statements of Operations.

These non-GAAP measures are not meant as a substitute for GAAP, but are
included solely for informational and comparative purposes. The
Company's management believes that this information can assist investors
in evaluating the Company’s operational trends, financial performance,
and cash generating capacity. Management believes these non-GAAP
measures allow investors to evaluate Cohu’s financial performance using
some of the same measures as management. However, the non-GAAP financial
measures should not be regarded as a replacement for (or superior to)
corresponding, similarly captioned, GAAP measures.

Forward Looking Statements:

Certain matters discussed in this release, including statements
regarding the transition of manufacturing to Malaysia, expectations of
business and market conditions, orders, sales, revenues and operating
results are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from
those projected or forecasted. Such risks and uncertainties include, but
are not limited to, risks associated with acquisitions, inventory,
goodwill and other intangible asset write-downs; our ability to convert
new products under development into production on a timely basis,
support product development and meet customer delivery and acceptance
requirements for next generation equipment; our reliance on third-party
contract manufacturers; failure to obtain customer acceptance resulting
in the inability to recognize revenue and accounts receivable collection
problems; customer orders may be canceled or delayed; the concentration
of our revenues from a limited number of customers; intense competition
in the semiconductor test handler industry; our reliance on patents and
intellectual property; compliance with U.S. export regulations; and the
cyclical and unpredictable nature of capital expenditures by
semiconductor manufacturers. These and other risks and uncertainties are
discussed more fully in Cohu's filings with the Securities and Exchange
Commission, including the most recently filed Form 10-K and Form 10-Q.
Cohu assumes no obligation to update the information in this release.

About Cohu:

Cohu is a supplier of test handling, burn-in, thermal subsystems and
MEMS test solutions used by the global semiconductor industry and
microwave communications equipment.

Cohu will be conducting their conference call on Wednesday, July 30,
2014 at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time. The call will be
webcast at www.cohu.com.
Replays of the call can be accessed at www.cohu.com.

For press releases and other information of interest to investors,
please visit Cohu’s website at www.cohu.com.

COHU, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

Three Months Ended (1)

Six Months Ended (1)

June 28,

June 29,

June 28,

June 29,

2014

2013

2014

2013

Net sales

$

77,850

$

62,234

$

142,714

$

114,461

Cost and expenses:

Cost of sales

52,366

42,720

95,030

81,005

Research and development

10,180

11,192

20,740

24,065

Selling, general and administrative

14,259

13,218

29,323

27,423

76,805

67,130

145,093

132,493

Income (loss) from operations

1,045

(4,896

)

(2,379

)

(18,032

)

Interest and other, net

5

16

19

26

Income (loss) from continuing operations before taxes

1,050

(4,880

)

(2,360

)

(18,006

)

Income tax provision (benefit)

119

(546

)

63

(1,437

)

Income (loss) from continuing operations

931

(4,334

)

(2,423

)

(16,569

)

Discontinued operations:

Income from operations of discontinued video camera segment
(including gain on sale of $4,248 for the three months ended June
28, 2014) before income taxes

3,885

451

3,891

658

Income tax provision

653

162

653

237

Income from discontinued operations

3,232

289

3,238

421

Net income (loss)

$

4,163

$

(4,045

)

$

815

$

(16,148

)

Income (loss) per share:

Basic:

Income (loss) from continuing operations

$

0.04

$

(0.17

)

$

(0.10

)

$

(0.67

)

Income from discontinued operations

0.12

0.01

0.13

0.02

Net income (loss)

$

0.16

$

(0.16

)

$

0.03

$

(0.65

)

Diluted:

Income (loss) from continuing operations

$

0.04

$

(0.17

)

$

(0.10

)

$

(0.67

)

Income from discontinued operations

0.12

0.01

0.13

0.02

Net income (loss)

$

0.16

$

(0.16

)

$

0.03

$

(0.65

)

Weighted average shares used in computing income (loss) per share:
(2)

Basic

25,324

24,817

25,223

24,737

Diluted

25,797

24,817

25,223

24,737

(1) The three- and six-month periods ended June 28, 2014 and June
29, 2013 were comprised of 13 weeks and 26 weeks, respectively. On
June 6, 2014 the Company announced the completion of the sale of
substantially all the assets of its video camera segment, Cohu
Electronics and, as a result, the operating results of Cohu
Electronics have been presented as discontinued operations and all
prior period amounts have been reclassified accordingly.

(2) The Company has utilized the "control number" concept in the
computation of diluted earnings per share to determine whether a
potential common stock instrument is dilutive. The control number
used is income/loss from continuing operations. The control number
concept requires that the same number of potentially dilutive
securities applied in computing diluted earnings per share from
continuing operations be applied to all other categories of income
or loss, regardless of their anti-dilutive effect on such
categories. Therefore, no dilutive effect is recognized in the
calculation of income from discontinued operations per share or
net income per share for the six months ended June 28, 2014 and of
income from discontinued operations per share for the three and
six months ended June 29, 2013.

COHU, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands) (Unaudited)

June 28,

December 28,

2014 (1)

2013 (1)

Assets:

Current assets:

Cash and investments

$

58,169

$

52,868

Accounts receivable

69,561

58,164

Inventories

61,464

55,409

Other current assets

14,616

14,135

Current assets of discontinued operations

-

6,272

Total current assets

203,810

186,848

Property, plant & equipment, net

34,289

35,796

Goodwill

71,075

71,313

Intangible assets, net

41,101

45,315

Other assets

5,823

5,720

Noncurrent assets of discontinued operations

-

431

Total assets

$

356,098

$

345,423

Liabilities & Stockholders’ Equity:

Current liabilities:

Deferred profit

$

8,858

$

6,066

Other current liabilities

62,250

53,198

Current liabilities of discontinued operations

-

1,747

Total current liabilities

71,108

61,011

Other noncurrent liabilities

30,722

31,252

Stockholders’ equity

254,268

253,160

Total liabilities & stockholders’ equity

$

356,098

$

345,423

(1) On June 6, 2014 the Company announced the completion of the
sale of substantially all the assets of its video camera segment,
Cohu Electronics and, as a result, the assets and liabilities of
Cohu Electronics have been presented as discontinued operations
and all prior period amounts have been reclassified accordingly.

Management believes the presentation of these non-GAAP financial
measures, when taken together with the corresponding GAAP
financial measures, provides meaningful supplemental information
regarding the Company's operating performance. Our management uses
these non-GAAP financial measures in assessing the Company's
operating results, as well as when planning, forecasting and
analyzing future periods and these non-GAAP measures allow
investors to evaluate the Company’s financial performance using
some of the same measures as management. Management views
share-based compensation as an expense that is unrelated to the
Company’s operational performance as it does not require cash
payments and can vary in amount from period to period and the
elimination of amortization charges provides better comparability
of pre and post-acquisition operating results and to results of
businesses utilizing internally developed intangible assets.
Manufacturing transition costs relate principally to employee
severance expenses incurred as a result of moving certain
manufacturing activities to Asia as part of our cost reduction
efforts and employee severance are costs incurred in conjunction
with the termination of certain employees to streamline our
operations and reduce costs. Management has excluded these costs
primarily because they are not reflective of the ongoing operating
results and they are not used to assess ongoing operational
performance. Other acquisition costs and inventory step-up have
been excluded by management as they are unrelated to the core
operating activities of the Company and the frequency and
variability in the nature of the charges can vary significantly
from period to period. Excluding this data provides investors with
a basis to compare Cohu’s performance against the performance of
other companies without this variability. However, the non-GAAP
financial measures should not be regarded as a replacement for
corresponding, similarly captioned, GAAP measures. The
presentation of non-GAAP financial measures above may not be
comparable to similarly titled measures reported by other
companies and investors should be careful when comparing our
non-GAAP financial measures to those of other companies.

(e) To eliminate professional fees and other direct incremental
expenses incurred related to the acquisition of Ismeca.

(f) To eliminate the inventory step-up costs incurred related to the
acquisition of Ismeca.

(g) 7.3%, 1.5% and (2.7)% of net sales, respectively.

(h) To adjust the provision for income taxes related to the
adjustments described above based on applicable tax rates.

(i) The three months ended March 29, 2014 was computed using
25,715 shares outstanding as the effect of dilutive securities was
excluded from GAAP diluted common shares due to the reported net
loss under GAAP, but are included for non-GAAP diluted common
shares since the Company has non-GAAP net income. All other
periods presented were computed using number of GAAP diluted
shares outstanding for each period.

Management believes the presentation of these non-GAAP financial
measures, when taken together with the corresponding GAAP
financial measures, provides meaningful supplemental information
regarding the Company's operating performance. Our management uses
these non-GAAP financial measures in assessing the Company's
operating results, as well as when planning, forecasting and
analyzing future periods and these non-GAAP measures allow
investors to evaluate the Company’s financial performance using
some of the same measures as management. Management views
share-based compensation as an expense that is unrelated to the
Company’s operational performance as it does not require cash
payments and can vary in amount from period to period and the
elimination of amortization charges provides better comparability
of pre and post-acquisition operating results and to results of
businesses utilizing internally developed intangible assets.
Manufacturing transition costs relate principally to employee
severance expenses incurred as a result of moving certain
manufacturing activities to Asia as part of our cost reduction
efforts and employee severance are costs incurred in conjunction
with the termination of certain employees to streamline our
operations and reduce costs. Management has excluded these costs
primarily because they are not reflective of the ongoing operating
results and they are not used to assess ongoing operational
performance. Other acquisition costs and inventory step-up have
been excluded by management as they are unrelated to the core
operating activities of the Company and the frequency and
variability in the nature of the charges can vary significantly
from period to period. Excluding this data provides investors with
a basis to compare Cohu’s performance against the performance of
other companies without this variability. However, the non-GAAP
financial measures should not be regarded as a replacement for
corresponding, similarly captioned, GAAP measures. The
presentation of non-GAAP financial measures above may not be
comparable to similarly titled measures reported by other
companies and investors should be careful when comparing our
non-GAAP financial measures to those of other companies.

(e) To eliminate professional fees and other direct incremental
expenses incurred related to the acquisition of Ismeca.

(f) To eliminate the inventory step-up costs incurred related to the
acquisition of Ismeca.

(g) 4.6% and (8.9)% of net sales, respectively.

(h) To adjust the provision for income taxes related to the
adjustments described above based on applicable tax rates.

(i) The six months ended June 28, 2014 was computed using 25,460
shares outstanding as the effect of dilutive securities was
excluded from GAAP diluted common shares due to the reported net
loss from continuing operations under GAAP, but are included for
non-GAAP diluted common shares since the Company has non-GAAP
income from continuing. All other periods presented were computed
using number of GAAP diluted shares outstanding for each period.

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